Standard Bank has 2.2 Million Customers Using Digital Channels

Standard Bank announced on Thursday that it has about 2.2 million unique customers actively in its personal & business banking unit in South Africa (PBB SA) using digital channels in the year to end-December 2017.

The JSE’s second-largest bank by market capitalisation said most of this customers choose use our mobile banking offering than internet banking.

The banking group said mobile banking transactions processed were 32% higher than in 2016.

It added that by contrast, teller and enquiry volumes in branches declined by 14% and 13% respectively.

This footprint has been reduced by more than 15% since 2010, without a material change in the number of branches, Standard Bank informed investors on Thursday.

In the face of fast-growing competition from established banks and new competitors, Standard Bank decided to relentless focus on three immediate priorities – to transform into a client-centred, digitally enabled, and integrated universal financial services organisation.

“We are in the final stages of our core banking journey and, by the end of the first quarter of 2018, 93% of our transactional accounts in South Africa will have been migrated onto our core banking platform,” said Standard Bank Group’s CEO Sim Tshabalala.

“With this modernised platform in place, we will increasingly focus on front-end solutions and innovations, the benefit of which will be experienced directly by our customers.

“We stand ready to serve our customers with consistent excellence, wherever they are and whatever financial services they require, online or in person.”

A lover of technology, entrepreneurship and urban places by nature. An award-winning financial writer. He has pieced together an intrepid living writing online, working as a technology blogger and writer, even publishing stories on the Internet of Things (IoT)). A former Southern Africa Correspondent for Thomson Reuters news agency.